KUALA LUMPUR: SCIB Industrialised Building System Sdn Bhd, a subsidiary of Sarawak Consolidated Industries Bhd (SCIB), has secured a RM97.7 million contract from Landasan Kapital (M) Sdn Bhd.
This contract involves taking on extensive construction responsibilities for the new student residence at University Malaysia Kelantan in Kampung Bachok.
SCIB group managing director Ku Chong Hong highlighted the contract as a noteworthy milestone, emphasising its role in solidifying SCIB's standing as a significant player in Engineering, Procurement, Construction, and Commissioning (EPCC).
"Our involvement in the University Malaysia Kelantan project at Kampus Bachok reflects our expertise and commitment to delivering high-quality construction services.
"We are excited to contribute to the development of educational infrastructure in Malaysia, which is a testament to our dedication to supporting the nation's educational advancements," he said.
The project scope encompasses the provision of materials, labour, tools, and equipment for civil, structural, architectural, and mechanical works, highlighting SCIB's diverse capabilities in the construction industry.
SCIB said it remains dedicated to maintaining quality and efficiency standards, emphasising adherence to environmentally sustainable practices throughout the construction process.
SCIB lost RM227 million of its market capitalisation today after coming under heavy selling pressure.
Its share price fell almost 30 per cent leading Bursa Malaysia Securities Bhd to suspend short selling of its shares for the day.
The stock closed at 83.5 sen a share.
It was the second most actively traded counter of the day, with some 230.19 million shares changing hands.
Bursa Securities halted intraday short selling for a day after SCIB's share price fell over 15 per cent or 15 sen.
Short selling of the stock will resume on Wednesday, January 17.
SCIB is a concrete product manufacturing and construction company.